India set to raise $170 million from Container Corp stake sale | Reuters

MUMBAI India is set to raise about $170 million from the sale of a 5 percent stake in state-run Container Corp, with institutional investors bidding for twice the number of shares on offer for them on the first day of the sale.

The funds-only portion of the sale was subscribed 2.02 times on Wednesday, stock exchange data showed. Retail investors can bid for shares on Thursday, while funds can bid for more.

The Container Corp share sale is part of the Indian government's asset sales programme.

The government last month raised about $730 million from a stake sale in state-run power producer NTPC Ltd, but is still set to miss its asset sales target for a sixth straight year.

($1 = 67.1800 rupees)

(Reporting by Devidutta Tripathy; Editing by Sumeet Chatterjee)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Mar 10, 2016 00:45 AM

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